EXPE · Expedia Group, Inc.

Expedia Group, Inc. executed a significant refinancing transaction on March 27, 2026, replacing its existing secured credit facility with a new, larger unsecured revolving credit facility. The new $2.5 billion facility, arranged through JPMorgan Chase Bank, N.A. as administrative agent, represents an enhancement to the company's liquidity profile and extends its debt maturity to 2031. As of the closing date, no loans were outstanding under the new facility, with only approximately $42 million in undrawn stand-by letters of credit issued.

The transition from a secured to an unsecured facility indicates a strengthening of the company's credit standing, as it no longer requires collateral or subsidiary guarantees to secure its revolving credit obligations. This shift triggered the automatic release of subsidiary guarantors from their guarantee obligations on five series of senior notes (due 2027, 2028, 2030, 2031, and 2035), as the release was contractually tied to the termination of their obligations under the previous credit agreement. The company executed supplemental indentures to formally evidence these releases.

The new facility includes a pricing grid tied to the company's credit ratings, with interest rates ranging from 1.00% to 1.75% for term benchmark loans and commitment fees ranging from 0.10% to 0.25%. The facility is subject to a maximum consolidated leverage ratio covenant, providing lenders with ongoing financial protection while offering the company operational flexibility. This refinancing simplifies the company's capital structure by removing subsidiary guarantees and positions it with enhanced financial flexibility for the next five years.